About SBI General Insurance Company
SBI General Insurance is a rapidly growing private insurance provider, supported by the trusted legacy of the State Bank of India. Founded in 2009, the company has expanded significantly, increasing its presence from 17 branches in 2011 to over 146 branches nationwide. In the financial year 2023-24, it recorded a 17% growth in Gross Written Premium (GWP), reaching ₹12,731 crores.
With a team of over 8,000 employees and a robust multi-channel distribution system, including Bancassurance, Agency, Broking, Retail Direct, and Digital platforms, SBI General ensures easy accessibility to its services. Its network comprises more than 22,518 touchpoints, such as SBI branches, agents, financial partners, OEMs, and digital collaborators, providing coverage across urban and rural regions. The company offers a diverse range of insurance products, catering to Retail, Corporate, SME, and Rural customers, ensuring availability through both online and offline channels.
SBI Contractors All Risk Insurance Inclusions
The SBI Contractors All Risk Insurance policy is divided into two sections:
Section I: This section covers loss, damage, or destruction of property due to causes not specifically excluded in the policy, necessitating repair or replacement. The insurer will compensate for such losses or damages up to the amount specified for each item, subject to the total sum insured under the policy.
Section II: This section provides coverage for:
a) Legal liability arising from accidental damage to third-party property.
b) Legal liability for fatal or non-fatal injuries caused to third parties (excluding the insured’s employees or workers or those employed by the property owner) due to construction activities.
Additionally, the policy includes coverage for:
a) Litigation costs and expenses awarded to claimants against the insured.
b) Costs or expenses incurred by the insured with the insurer's prior written consent.
SBI Contractors All Risk Insurance Add-ons
The add-ons under the SBI Contractors All Risk Insurance are as follows:
- Provision for Escalation: Coverage for increased project costs.
- Clearance and Removal of Debris: Covers the cost of clearing debris after damage.
- Express Freight and Overtime Rates: Includes holiday and overtime wages (excluding air freight).
- Air Freight: Additional coverage for air freight expenses.
- Custom Duty: Covers additional customs duty incurred.
- Construction Machinery and Equipment: Protection for construction plants and machinery.
- Breakage of Glass: Covers losses due to accidental glass breakage.
- Storage Rate at Fabricator’s Premises: Covers stored materials at workshops or fabricator’s premises.
- Maintenance Cover: Includes maintenance visits and extended maintenance coverage.
SBI Contractors All Risk Insurance Exclusions
The policy does not cover losses or damages arising from the following:
- Policy Excess: Any loss or damage up to the excess amount specified in the policy schedule.
- Inventory Discovery: Losses identified only during inventory checks.
- Wear and Tear: Normal wear and tear or gradual deterioration caused by atmospheric conditions.
- Faulty Design or Workmanship: Losses or damages resulting from defective design, construction, or workmanship.
- Defective Materials: Costs for replacing, repairing, or rectifying faulty materials.
- Construction Errors: Expenses required to correct errors or defects occurring during the construction process.
- Specific Items: Loss or damage to items such as files, drawings, bills, currency, stamps, securities, cheques, and similar documents.
- Contractual Obligations: Damages, penalties, or costs due to non-compliance with contract terms or failure to meet delivery or performance obligations.
- Vehicles and Vessels: Loss or damage to vehicles licensed for road use, waterborne vessels, or similar equipment.
The liabilities that are excluded under the SBI Contractors All Risk Insurance are:
- Bodily injury or illness to employees or workers associated with the contractor, principal, or any related entity.
- Loss or damage to property owned by or under the custody of the contractor, principal, or any related entity.
- Accidents caused by vehicles licensed for road use, waterborne vessels, or aircraft.
- Any agreement by the insured to pay indemnities not covered under the policy.
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